Alright, so I tried doing the following:
Open the nvidia control panel (rt-click on desktop) and under Manage 3D Settings | Program Settings find Movie Studio in the list or add it if it’s not there. Choose “Integrated Graphics” in the preferred graphics processor dropdown. Save.
Open MS and choose the Nvidia GPU in the Video tab in preferences.
And it worked after I restarted SVP!
Thanks Jorma, I wouldn’t have been able to find the solution without those links. I looked everywhere for it too!